We’re proud to share the release of our new incorporation package for Delaware public benefit corporations on Cooley GO.
Now entrepreneurs who want to integrate sustainability and social impact into their company can choose to generate incorporation documents as a Delaware public benefit corporation (PBC). A Delaware PBC is a for-profit corporation that is intended to produce a public benefit and operate in a responsible and sustainable manner. Unlike traditional corporations, a PBC must consider its public benefit purpose and the interests of those materially affected by the corporation’s conduct in addition to stockholder value.
Cooley has seen a surge of interest among clients and investors in the PBC as there is a growing focus on business creating a positive impact on society. Since the law creating the new corporate form became effective a few years ago, hundreds of companies have incorporated or converted to PBCs.
To our knowledge, there is no publicly available set of incorporation documents for Delaware public benefit corporations. We believe making the PBC incorporation package publicly available will add efficiency to the early-stage social impact startup ecosystem and provide the opportunity for entrepreneurs to reflect on whether the public benefit corporation may be appropriate for their business.